“This acquisition further strengthens our position at the forefront of the industry and confirms our commitment to our Bank’s two core businesses – international private banking and asset management,” UBP’s CEO Guy de Picciotto said.

“We look forward to welcoming Lloyds’ teams and their expertise that we will put to use on an even larger scale.

“With our competitive range of private banking services and investment solutions, we are bringing our proficiency as a major Swiss and international-wealth-management player to Lloyds’ private clients,” he added.

The transaction was carried out with the support of Caurus Partners and MilleniumAssociates AG and remains subject to the requisite regulatory approvals being completed.